Eric Schmidt Stepping Down as Chairman of Google Parent Company

23/12/2017

The companyannounces that Eric Schmidt will be stepping down as the Executive Chairman. He served as CEO from 2001 to 2011, overseeing Google's landmark IPO and meteoric rise, before becoming executive chairman.

He will continue to serve on the Alphabet's board of directors, the company said.

"Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition", he said in the statement.

He led critical initiatives like the Android mobile operating system and oversaw the 2015 restructuring in which Google became a business unit of the Alphabet holding company.

In terms of a successor, the inclusion of Pichai in Schmidt's statement, alongside the names of Page and Brin, "was seen as a passing of the torch and the creation of a new power triumvirate", the paper adds.

Schmidt departs at a time when Google is still riding high as the world's second-most valuable corporation by market capitalization, behind only Apple.

Through a Google spokesman, Schmidt declined to comment.

"Over 17 years, Eric has been tremendously effective and tireless in guiding our Board, particularly as we restructured from Google to Alphabet". Google and its other companies are doing good.

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